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Still big, but more sensitive

The jumbo Pfandbrief was designed to attract international investors to what had been largely a domestic German debt instrument. Until recently, though, it was being marketed as if Germans were the target. Non-Germans want clearer pricing information, conventional credit ratings and more warning of upcoming issues. Some issuers are responding, not least because the Pfandbrief looks like being Germany's main contender in European debt markets when a single currency is instituted. Antony Currie reports.

January 01, 1997

Strips, floaters and the road to Emu

The Spanish government is expected to open at least two new markets this year to provide the fixed-income sector with greater depth and liquidity. Jules Stewart reports on the interest generated as the treasury casts off its cumbersome traditional approach to borrowing.

January 01, 1997

BANKING

Newcomers to the herd

Still big, but more sensitive

January 01, 1997

Battle for the euro

By March 1998 Europe's biggest futures exchanges will launch the first contracts to be settled in euros. Only the fittest will survive. London, Paris and Frankfurt are locked in combat to win the greatest prizes of all those dominant futures contracts in short-term and medium-term interest rates. David Shirreff reports

January 01, 1997

A game of ethical dilemmas

In which Ingersoll and Komarovsky are sent on a course to learn that "ethics" is not just a county to the east of London.

January 01, 1997

BANKING

Meet Europe's biggest investor: Diethart Breipoh, Allianz

Diethart Breipohl is a modest man. But as finance director of the Allianz insurance group he presides over Dm320 billion of investments, probably the biggest portfolio in Europe. That includes significant stakes in Germany's blue-chip firms, suggesting to some that Allianz is "the spider in the web" of corporate Germany.

January 01, 1997

Poll of Polls 1996: The rise of DMG

Deutsche Morgan Grenfell makes waves in the 1996 poll of polls with a strong performance in underwriting, trading and advisory work. Other names to note for 1997 include the newly formed Chase, the highest climber, as well as ABN Amro and Nomura Securities, all of which move confidently up the ranking. By Rebecca Dobson.

January 01, 1997

BANKING

Poll of Polls: Overall results

Poll of Polls: The rise of DMG

January 01, 1997

BANKING

VimpelCom comes to the Big Apple

The Russians are here - at last

January 01, 1997

BANKING

Mexico: The dithering away of the state

After months of delays, the Mexican privatization progamme has sprung back into life. In December, the government raised $1.8 billion from the sale of its northeastern railway line, by far its largest privatization deal since the devaluation of the peso in late 1994. Congress has also dropped its opposition to the sale to foreign investors of a 49% stake in the country's down-stream petrochemicals industry, raising hopes that privatization will speed up in 1997.

January 01, 1997

BANKING

Floating football's working class

Boca Juniors, Argentina's most famous football club, is to break with its working-class traditions by becoming the first team to list on the local stock market. The club, supported by an estimated half of Argentina's fanatical football fans, last month won authorization from the Buenos Aires stock exchange to launch the Boca Juniors Closed Common Fund, with the aim of raising $20 million to buy a much-needed batch of new players.

January 01, 1997

BANKING

India: The strains of success

In their desire to get a head start over each other in India, Wall Street investment banks have forged joint ventures with local partners. Three US banks JP Morgan, Merrill Lynch and Goldman Sachs have adopted this strategy. Surprisingly, all three have agreed to remain minority shareholders in the ventures even though the law permits them a majority holding. Pressures may be building, though, for the US banks to buy out their local partners.

January 01, 1997

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